Vechain price analysis indicates that VET prices have been following a sideways trend for the past few days. However, there has been a slight bullish bias to the prices as they have been trading above the $0.02412 key support level. The prices are currently facing rejection at the $0.02474 level.
The VET/USD pair is trading at $0.02474 and up by 2.12 percent at the time of writing. The coin’s market capitalization is at $1.79 billion, and the trading volume is $56 million.
VET/USD 4-hour price chart: Bullish market looks to extend gains
The VET/USD pair has been following a sideways trend for the past few days as can be seen from the 4-hour price chart. The prices have been trading between the $0.02412 and $0.02474 levels. The VET/USD is above the Moving average as well as the 200-day moving average which indicates a slight bullish bias.
The RSI indicator is currently in the overbought territory and is close to the 70 levels. The RSI line has more room to move higher and this indicates that the prices have more room to move higher. The MACD indicator is currently in the bullish zone and is gaining momentum. A crossover of the MACD line can push prices higher in the near term. Prices are expected to continue moving higher as long as they remain above the $0.02474 level.
Vechain price action on a 1-day price chart: Bulls continue pushing VET prices higher
Vechain price analysis shows the bulls are trying to push prices higher after a period of consolidation. The bulls have been struggling to push prices higher, but the recent price action looks promising. The next level of resistance is at $0.02474 and a break above this level can push prices towards the $0.03250 level in the near term.
The MACD indicator is close to crossing into the bearish zone and a bearish crossover can push prices lower towards the $0.02412 level. The RSI indicator is currently in the overbought territory and a move lower can indicate that prices are due for a correction. The MA lines are close to each other and a crossover can push prices in either direction.
Vechain price analysis conclusion
Vechain price analysis concludes that prices are expected to continue moving higher as long as they remain above the $0.02474 level in the near term. The digital asset looks set to continue its run higher as the technical indicators on the 4-hour and 1-day timeframe show that the market is still in bullish territory.
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